BioShin, Biohaven's Asia-Pacific Subsidiary, Raises $60M in Series A Funding to Advance Neuroscience Pipeline in Asia-Pacific Region
- Initiating NURTEC ODT Phase 3 study for acute migraine in China and Korea, and China registrational study of troriluzole in Spinocerebellar Ataxia in 4Q20
- Named Donnie McGrath as BioShin President and Executive Chairman, and Karl Lintel as BioShin Chief Executive Officer; Appointed Vlad Coric and Donnie McGrath of Biohaven, and David Wang of OrbiMed to Board of Directors
NEW HAVEN, Conn. and SHANGHAI, Sept. 28, 2020 /PRNewswire/ -- Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN, "Biohaven") announced today that BioShin Limited ("BioShin") its Asia-Pacific Subsidiary, has closed a $60M Series A investment round. The financing was led by OrbiMed, with participation from Cormorant Asset Management LLC, HBM Healthcare Investments Ltd, Surveyor Capital (a Citadel Company), and Suvretta Capital Management, LLC.
Donnie McGrath MD, President and Executive Chairman, BioShin, and Head of Corporate Strategy & Business Development, Biohaven Pharmaceuticals
Karl Lintel, Chief Executive Officer, BioShin
David Wang, MD, PhD, Partner at OrbiMed Asia
The Series A funds will be used to build out BioShin in China and advance the Biohaven clinical portfolio in the Asia-Pacific region, including the imminent start of the NURTEC™ ODT (rimegepant) Phase 3 study for the acute treatment of migraine in China and Korea. BioShin also plans to initiate sites in China to participate in the global registrational trial of troriluzole in Spinocerebellar Ataxia (SCA). BioShin expects to begin both Asia-Pacific studies in the fourth quarter of 2020. BioShin has rights to the Biohaven portfolio for the entire Asia-Pacific region excluding Japan. After the transaction, Biohaven remains the majority shareholder of BioShin.
Donnie McGrath MD, President and Executive Chairman of BioShin, stated, "This investment marks an important partnership between Biohaven and these leading investors to advance Biohaven's innovative product candidates to patients in the Asia-Pacific region. BioShin now has the funding to independently advance the lead pipeline assets without relying upon Biohaven to fund these efforts in Asia-Pacific. Migraine, neurologic and neuropsychiatric diseases represent a significant medical and social burden in the Asia-Pacific region, and we are pleased to be joined by several renowned investors who support our shared vision of advancing the Biohaven portfolio in the region."
David Wang, MD, PhD, Partner at OrbiMed Asia, commented, "We are excited about the potential of Biohaven's product portfolio in China and the broader Asia region. We look forward to seeing continued progress by Donnie, Karl and the rest of the impressive team Biohaven has put together to help patients here in Asia."
Karl Lintel has been appointed as Chief Executive Officer of BioShin, from his current role of Chief Operating Officer. Previous to BioShin, Lintel served as the President and General Manager China of Bristol-Myers Squibb from 2014 to 2018 and VP/General Manager of BMS Middle East and Africa from 2010 to 2014. From 1989 to 2010, he worked in a variety of roles within Pfizer Inc. across Asia, the Middle East, Europe and Global headquarters.
BioShin also announces its Board of Directors to include Donnie McGrath, Chief of Corporate Strategy and Business Development at Biohaven, to serve as the Executive Chairman, joined by Vlad Coric (CEO of Biohaven) and David Wang MD, PhD (Partner, OrbiMed).
Cooley LLP acted as counsel for the Series A investors. Locke Lord LLP acted as counsel for Biohaven.
About BioShin BioShin Limited, a privately-held biopharmaceutical company with offices in Shanghai, is advancing the Biohaven clinical portfolio in the Asia-Pacific region. BioShin holds rights to the Biohaven portfolio for all of the Asia-Pacific Region, including Australia and New Zealand, excluding Japan. Biohaven is a majority shareholder in BioShin.
About Biohaven Biohaven is a clinical-stage biopharmaceutical company with a portfolio of innovative, late-stage product candidates targeting neurological diseases, including rare disorders. Biohaven has combined internal development and research with intellectual property licensed from companies and institutions including Bristol-Myers Squibb Company, AstraZeneca AB, Yale University, Catalent, Rutgers and ALS Biopharma LLC and. Our progress is fueled by an entrepreneurial organizational structure and an impressive range of experience in drug development along with the confident support of top-tier biopharma investors. Currently, Biohaven's lead development programs include multiple compounds across its CGRP receptor antagonist and glutamate modulator platforms. Biohaven's common shares are listed on the New York Stock Exchange and traded under the ticker symbol BHVN. More information about Biohaven is available at www.biohavenpharma.com
Forward-Looking Statements This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including "believe", "continue", "may", "will" and similar expressions, are intended to identify forward-looking statements. These forward-looking statements involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of Biohaven's or BioShin's management about rimegepant, zavegepant, or any of its glutamate products. Factors that could affect these forward-looking statements include those related to: Biohaven's ability to effectively commercialize rimegepant, or any other product, in the Asia Pacific region, delays or problems in the supply or manufacture of product, complying with applicable U.S. regulatory requirements or requirements in the Asia Pacific region, the expected timing, commencement and outcomes of Biohaven's planned and ongoing clinical trials, the timing of planned interactions and filings with the FDA or regulatory authorities in the Asia Pacific region, the timing and outcome of expected regulatory filings, the potential commercialization of Biohaven's product candidates, the potential for Biohaven's product candidates to be first in class or best in class therapies and the effectiveness and safety of Biohaven's product candidates. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by our forward-looking statements. Additional important factors to be considered in connection with forward-looking statements are described in the "Risk Factors" section of Biohaven's Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on February 26, 2020 and Biohaven's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the Securities and Exchange Commission on August 10, 2020. The forward-looking statements are made as of this date and Biohaven does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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